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INDEX Direct Taxation Indirect Taxation Corporate & Other Laws Accounts and Audit

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like a slice of a wholesome pie. NEWSLETTER – MAY 2017. INDEX Direct Taxation Indirect Taxation Corporate & Other Laws Accounts and Audit

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INDEX Direct Taxation Indirect Taxation Corporate & Other Laws Accounts and Audit

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  1. We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like a slice of a wholesome pie. NEWSLETTER – MAY 2017

  2. INDEX • Direct Taxation • Indirect Taxation • Corporate & Other Laws • Accounts and Audit • Statutory Due Dates May 2017 Newsletter – May 2017

  3. DIRECT TAXATION Index • Deposited Rs. 2L or more during note ban get ready to mention it in I T Return • People who made cumulative deposits of Rs 2 lakh or more during the first 50 days of demonetisation will have to mention it in their income tax returns for 2017-18.A simpler, one-page income tax return form unveiled by the government includes a separate section for cash deposits of Rs 2 lakh and more between November 9 and December 30. The government had allowed people time till December 31 to exchange and deposit the old Rs 500 and Rs 1,000 bank notes, pulled out of circulation through a shock announcement on November 8.The government had termed the demonetisation drive a “surgical strike” on illicit cash and has since then taken several steps to crack down on people suspected to have laundered the banned 500- and 1000-rupee banknotes. • CBDT removes Cyprus from NJA with Retro effect from Nov 2013 • The tax department announced that it has removed Cyprus from the list of notified jurisdictional area with retrospective effect from November 1, 2013, thereby providing a big relief to investors and Indian companies that have raised capital from the island nation."For removal of doubts, it is hereby clarified that Notification No. 86/2013 has been rescinded with effect from the date of issue of the said notification, thereby, removing Cyprus jurisdictional area with retrospective effect from November 1, 2013," the Central Board of Direct Taxes (CBDT) said. Newsletter – May 2017

  4. INDIRECT TAXATION Index • Migration to GST – earlier is better • The implementation of the GST Law from 1st July 2017 seems to be certain. All the existing Assessee under Central Excise, Service Tax and VAT is required to migrate into the GST. • Earlier migration to GST would prove beneficial to the assessees as it will help in safeguarding of business continuation, smooth carry forward of credit balances, checking the eligibility of credits relating to existing laws under GST etc. Sooner the migration lesser are the transitional issues that are expected to be faced. Newsletter – May 2017

  5. CORPORATE AND OTHER LAWSIndex • SEBI allows investors to invest in MF through e wallets • Investors will be permitted to purchase mutual funds worth up to Rs 50,000 through digital wallets, the market regulator, Sebi declared. "Investments up to Rs 50,000 per mutual fund per financial year can be made using e-wallets," the regulator said while redemptions of such investments can be made only to the bank account of a unit holder. Besides, mutual funds and asset management companies have been allowed to provide instant online access facility to resident individual investors in liquid schemes. In this case, the limit would be up to Rs 50,000 or 90 per cent of folio value, whichever is lower.  • Govt prepares to strike off registration of over 2 lakhs companies • The government plans to cancel the registration of more than two lakh companies that have not been carrying out business for a considerable period of time, amid stepped up efforts to tackle the black money menace.More than two lakh companies, spread across various states, have been served with show cause notices as they have not been carrying out any operation or business activity for a prolonged time. • The Registrars of Companies (RoCs) in various states and union territories have issued notices to more than two lakh firms under the Companies Act, 2013, according to information available with the Ministry. These notices have been issued under Section 248 of the Act, which is implemented by the Ministry. This section pertains to striking off names of companies on certain grounds.  Newsletter – May 2017

  6. ACCOUNTS AND AUDIT Index • Government is examining the report on shifting financial year • Finance Minister Arun Jaitley said that the government was examining the report of a committee that had recommended a change in the financial year starting April 1. • The committee is learnt to have recommended advancing the financial year and equating it with the calendar year from January 1. Further, Finance Minister said since the move had various implications for the Centre, the States and various local bodies, wider consultation was necessary. Newsletter – May 2017

  7. STATUTORY DUE DATES FOR May 2017 Index • Statutory Due Dates Calendar for May 2017 Newsletter – May 2017

  8. Get in Touch www.nyaasa.com +91.20.6500 1753 +91.20.6500 8738 contact@nyaasa.com

  9. THANK YOU ! Newsletter – May 2017

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